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Key Points
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Shares of Micron Technology rose in extended trading on Wednesday as the memory chip maker’s revenue and outlook beat expectations.
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Nvidia’s partner reported that revenue nearly doubled in its fourth fiscal quarter from a year earlier, driven by “strong demand for AI.”
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CEO Sanjay Mehrotra said the company expects revenue in the current quarter to hit a record high.
Micron Technology (I) shares rose in extended trading on Wednesday as the company’s revenue and outlook beat expectations.
The memory chip maker and Nvidia (NVDA) partner posted a profit of $887 million, or 79 cents per share, in the fiscal fourth quarter, up from a loss of $1.43 billion, or $1.31 per share, a year ago. Revenue nearly doubled to $7.75 billion, beating analysts’ estimates.
According to Micron CEO Sanjay Mehrotra, the revenue increases were driven by “robust demand for AI” and the company enters fiscal 2025 “with the best competitive position in Micron’s history.”
Micron Projects posts record revenue in Q1
Micron said it expects current-quarter revenue to hit a record high of between $8.5 billion and $8.9 billion, with the low end of that range above analyst consensus. The company’s forecast for diluted earnings per share (EPS) of between $1.46 and $1.62 also topped estimates.
Shares of Micron rose more than 13% to $108.34 in extended trading on Wednesday after the release.
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